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E7-22 (Algo) (Supplement B) FIFO and LIFO Cost of Goods Sold under Periodic versus Perpetual Inventory Systems Assume that a retailer's beginning inventory and purchases of a popular item during January included (1) 320 units at $7.20 in beginning inventory on January 1, (2) 470 units at $8.20 purchased on January 8 , and (3) 770 units at $9.20 purchased on January 29 . The company sold 370 units on January 12 and 570 units on January 30. Required: 1. Calculate the cost of goods sold for the month of January under (a) FIFO (periodic calculation), (b) FIFO (perpetual calculation), (c) LIFO (periodic calculation), and (d) LIFO (perpetual calculation). 2. Which cost flow assumption and calculation approach would you recommend to management in order to save taxes? Complete this question by entering your answers in the tabs below. Calculate the cost of goods sold for the month of January under (a) FIFO (periodic calculation), (b) calculation), (c) LIFO (periodic calculation), and (d) LIFO (perpetual calculation). E7-22 (Algo) (Supplement B) FIFO and LIFO Cost of Goods Sold under Periodic versus Perpetual Inventory Systems Assume that a retailer's beginning inventory and purchases of a popular item during January included (1) 320 units at $7.20 in beginning inventory on January 1, (2) 470 units at $8.20 purchased on January 8 , and (3) 770 units at $9.20 purchased on January 29 . The company sold 370 units on January 12 and 570 units on January 30. Required: 1. Calculate the cost of goods sold for the month of January under (a) FIFO (periodic calculation), (b) FIFO (perpetual calculation), (c) LIFO (periodic calculation), and (d) LIFO (perpetual calculation). 2. Which cost flow assumption and calculation approach would you recommend to management in order to save taxes? Complete this question by entering your answers in the tabs below. Which cost flow assumption and calculation approach would you recommend to management in o